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The Explicable Mystery of the National Debt
Posted on August 1, 2018 by J.D. Alt | 40 Comments
By J.D. ALT
America's current "national debt" is tallied to be $21.5 trillion. When politicians and economic pundits talk (worry, fret, wring their hands, gnash their teeth) about this "debt" they implicitly assume—along with their listeners, readers, and potential voters—that this fantastic sum will eventually have to be paid back. That's what happens with debts, right? Someone calls them due! Everyone also assumes the American tax-payer will have to do the paying. (Quick calculation to save you the trouble: Each one of us is in hock for $65,950!)
Depending on which political football is being tossed around, this "national debt" is either a crisis that must be addressed first (before anything else can be paid for!) or it's something we can simply ignore for the time being—until the promised "economic growth" comes along that will somehow enable the federal government to collect that extra $65K from each of us. So long as we promise that Yes! someday we'll pay it off, we can feel okay about going one more day, or month, or year without even starting to do so. In the meantime, of course, the "national debt" somehow keeps growing! At least that must stop, we declare! Our government must stop borrowing even more!
So, we resolve to put a cap on the "national debt." Which everyone feels good about until the federal government starts running out of tax-dollars to meet the expenses Congress has already committed it to meet. When that happens, the government—or crucial parts of it—painfully shut down. And the fault lies with whoever voted for all that spending in the first place—or whoever voted for all those tax-cuts that made the spending impossible. In the end, after everyone has been thoroughly blamed, the cap on the "national debt" is, of necessity, raised a little higher into the clouds, like Jack's beanstalk.
Meanwhile, of course, it's impossible to even discuss the need to spend new dollars to address any of the dire and critical things America confronts as a collective society. We can't repair our dangerously impaired highway bridges. We can't modernize our air-traffic control system. We can't replace our failing, lead-polluted, water-systems. We can't clean-up the super-fund sites leaching toxins into our ground-water. We can't provide free pre-school day-care to every mother who wants to secure a job. We can't modernize and guard from cyber-attack our national electric grid. We can't provide healthy food and safe accommodations for homeless families. We can't provide Medicare for every American. We can't build affordable housing for families earning the minimum wage. We can't provide a post-high school education for our nation's workforce. We can't build modern transit systems that relieve the congestion and gridlock of our urban centers and corridors. We cannot even begin to plan for the relocation and/or rebuilding of millions of square miles of human infrastructure and habitation that will, beginning in the next decades, be flooded by rising sea levels…. There is simply not enough money to even think about doing all these things—and the fact we can't even begin paying off our "national debt" is a constant reminder of that "reality."
The mystery is, while all this perpetual haggling and hand-wringing is happening, no one seems to be knocking on America's door asking to be repaid. Unlike Greece and Italy who are constantly being squeezed by the E.U. central bank and the IMF to repay their debts, no one seems to be squeezing the U.S. at all. Unlike Spain, which gets an earful from Germany if it even whispers about increasing its national borrowing, the U.S. hears nothing from anybody (except its own politicians and pundits) when it votes to raise the beanstalk one cap higher. How can that be? It's almost as if—weirdly—there isn't anyone out there expecting to get paid back.
Could that be true?
This puzzlement can, in fact, be explained. More important, the explaining—if you accept the explanation—will change your understanding of what the American economy is capable of accomplishing. And it's exponentially more than you'd ever imagined.
The mystery lies in the use of the term "borrow." As it's commonly understood, when you borrow something, you take temporary possession of it from its owner (the lender)—and when you "repay" what you've borrowed, you give it back. What is often not considered in thinking about this transaction is that the lender's possession is always replaced—either implicitly or explicitly—with a "promise" (i.e. the promise to return the possession, often with an additional premium to compensate the lender for his trouble.)
What is unique about U.S. government "borrowing"—and what gives the term, applied in that context, its confusing ambiguity—is the fact that the "promise" which replaces a borrowed dollar is simply another kind of "dollar." Specifically, the government borrows a dollar from the economy, and replaces it with a "treasury bond or note" which is, in effect, a special form of "dollars" that earn interest. The treasury bond or note has the same liquidity/tradability in the economy as the regular dollars it has replaced; therefore, the amount of "money" in the private sector doesn't fall by the amount taken out by the "borrowing" but remains the same as before the "borrowing" occurred.
In conventionally understood "borrowing," when the borrowed thing is returned, the "promise" that was being held by the lender (either implicitly or explicitly) is simply cancelled. In U.S. government "borrowing," however, the borrowed thing is NEVER returned because, by logic, the promise being held in its place is already the same thing as what was borrowed. E.g. a $1000 treasury bond is the same "thing" as 1000 dollars—only better, because it earns interest! When the treasury bond "matures," the dollars it "contains" are simply converted to "regular" dollars or, more often than not, they are rolled into a new treasury bond.
This is why there is nobody squeezing the U.S. government to repay what the government has "borrowed." They have already been repaid by the treasury bonds they took in exchange for the dollars they "loaned." (As you can see, the term "loan" applied to this transaction has the same paradoxical ambiguity as the term "borrow." What's really happening is that one kind of money is simply being traded for another.)
The surprising result of this transaction is that when the government subsequently spends the "borrowed" dollars back into the economy, there is a net increase in the monetary assets in the private sector equal to the number of dollars "borrowed." In effect, the treasury bond auction process creates "new" dollars that previously did not exist—dollars which the U.S. government now has possession of and authorization to spend. And that's exactly what it does: it spends the new dollars to pay for things that Congress has determined will benefit American society.
The consequences of this explanation
First, the U.S. "national debt" is functionally not a debt at all. It is simply a tally of the U.S. treasury bonds which the government has issued and then traded for U.S. dollars which already existed in the private sector. These treasury bonds are in effect interest-paying, time-deposit savings accounts for the bond holders. You personally may have traded some of your retirement dollars for one of these "savings accounts" and you know, firsthand, they definitely contain real money! The "national debt," then, is really a "national savings account."
This is, to say the least, a startling and liberating perspective. It means all the political drama and hand-wringing about how we are going to repay our "national debt" can just go away. Even better, all the haggling can be replaced with an entirely different conversation: What shall our government spend the new dollars—created by the treasury bond auction process—to accomplish? The short list of deferred needs, recited earlier, could be a start.
The most extraordinary consequence, however, is that the explanation we've just outlined constructs an overarching view of the modern U.S. economy that has never been clear before:
The economy—that is to say, the creation and spending of dollars to undertake and accomplish humanly defined goals—is composed of not one, but two, money-creation processes. The first (and most commonly understood) process is the U.S. banking system: Banks "create" new dollars when they issue loans. This is the engine of American capitalism, and the new dollars sent into circulation by the banking system are specifically (and exclusively) targeted to accomplish goals associated with the generating of personal or corporate financial profits in the market economy.
The second money-creation process, as our explanation above has made clear, is the process we have been habitually calling "government borrowing." The issuing and auctioning of U.S. treasury bonds, as we've just discovered, is not "borrowing" money at all, but creating it. Most important, the dollars generated by this process, which are then spent by the U.S. government, are not spent in the pursuit of personal or corporate financial profits. They are spent to pursue the collective goals—and address the collective needs—of society at large.
The problem we are struggling with today is that while we continue to encourage the first money-creating process—the banking system—to "create" as many dollars as American enterprise and consumers can profitably spend, we have habitually constrained the second money-creating process by labeling it our "national debt" and falsely believing it is encumbering us. In doing so, we severely—and unnecessarily—limit and constrain what we undertake to accomplish for the benefit of what could be called our collective "social economy." This is a mistake we must now stop making.
Note: I am indebted to Thornton Parker for planting the seed of this essay and, of course, to Warren Mosler who was the first, I believe, to see and understand the true character of sovereign treasury securities.
This entry was posted in J. D. Alt and tagged MMT, Modern Monetary Theory. Bookmark the permalink.
40 responses to "The Explicable Mystery of the National Debt"
Steven Greenberg | August 1, 2018 at 7:43 pm |
You have been a little slippery here, even though I understand MMT (or at least I think I do). Please point out my errors, if any, in the following analysis.
When people buy treasuries, the money is taken out of the private sector of the economy, and given back to the treasury (government sector) for its use. When the government spends that money into the private economy as deficit spending it is putting the money back into the economy that it took out from the sale of bonds. The balance of spendable money in the private economy is not changed by the deficit spending unless the Fed buys treasuries on the open market thus putting some of that money back into the private economy for immediate spending.
By the rules that prevent direct transfer of money from the Fed to the Treasury (except for the Fed's profits), the deficit spending does not become net, fiscally stimulating until the Fed buys some of the Treasuries on the open market.
John P Hochbaum III | August 2, 2018 at 6:21 am |
"When people buy treasuries, the money is taken out of the private sector of the economy, and given back to the treasury (government sector) for its use."
Technically savings is removed from the economy for the use of spending, so this is correct. But treasuries are different because they mature. So they eventually come back into the economy.
And we have to also consider that treasuries just soak up access savings that would not have been in the economy anyway.So is it really removed? Or is it just transferred from one savings to another?
Gary Houk | August 2, 2018 at 12:20 pm |
Hey Steven I'm not an expert at MMT but have been listening to many MMT videos and reading many MMT articles for over a year now. I understand the operational reality of securities much differently than you just described but am open to correction from you or some other reader of this thread. Yes, when people buy securities the money is taken out of the economy (private sector) but NOT as you stated given back to the Treasury for it's use. What is really going on is the person or organization purchasing the government bond simply shifts the money from their Federal Reserve checking account (reserve account) to their Federal Reserve savings account (securities account). This removes the money from the private sector for a certain period of time. The purchaser is agreeing to not spend this money in the private sector for a period of time and receives a little interest for doing so. The Treasury NEVER takes taxes or securities to inject back into the economy. Federal taxes paid are destroyed and purchased securities just sit in a Federal Reserve securities account. With federal taxes paid and securities bought the is money removed from the private sector leaving fiscal space for Congress to come it with it's spending budget to fill the void with new dollars, thus curbing inflation. Every single dollar that gets injected back into the private sector is keystroked into existence each budget year by the Federal Reserve as instructed by Congress/Treasury Dept.
Calgacus | August 2, 2018 at 8:48 pm |
No. These direct transfer rules are basically meaningless. All (deficit) spending whether in reserves, dollars, coins or bonds is fiscally stimulating. If anything the bonds are more stimulating as they can be used as collateral for private sector lending (multiple times).
As J. D. says, "the promise being held in its place is already the same thing as what was borrowed. E.g. a $1000 treasury bond is the same "thing" as 1000 dollars". Or as FDR said, "government credit and government currency are one and the same thing." (Warren Mosler was not the first; the Mosler MMT contribution is to trace the accounting and logic here in exhaustive and irrefutable detail with clear conceptions and explanations of the big picture & do the same in relating that to the economics proper.)
The right way to think about it is to lump it all together, bonds + currency = NFA, net financial assets. Treasury bonds are money already. The total of all is the true national debt; which is a debt, but in the more fundamental sense of "moral obligation". Thinking of the national debt as a financial obligation simply makes no logical sense – that idea is unintelligible world salad with gibberish dressing, as this article points out.
Steven Greenberg | August 3, 2018 at 8:54 am |
Do sector balances not mean anything anymore? I thought the sector balances between government sector, domestic private sector, and foreign sectors were key to understanding vital MMT principles. Do you mean that the use of War Bonds in WWII were not to control inflation? What was the purpose of war bonds then?
James Cooley | August 1, 2018 at 8:07 pm |
While we are planting seeds and tending our garden, it would be helpful for one of our master gardeners to point out why our "trade deficite" to other countries is not only a false deficite, but actually benefits our whole economy when they accept our paper notes in exchange for real goods and services. Could one of our master gardeners please write an eaasy explaining why this "trade deficite" is no more a burden for our economy as a whole than is my trade deficite to Kroger or Exon Mobile, as long as I earn sufficient income to remain solvent; a problem the fiat currency issuer will never face.
larry | August 2, 2018 at 6:21 am |
I recommend you consult Bill Mitchell's blog, billy blog, for posts that deal with this topic. He recently posted on this very issue.
James Cooley | August 3, 2018 at 6:21 am |
I'll check that out. It would be good to at least see that reprinted here as well.
Micky9finger | August 3, 2018 at 10:16 pm |
Plus bill's site has accessable archives so you can find tons of education.
The information is there alright, but the blog doesn't clearly address the reasons "trade deficits" are a non issue for sovereign fiat curerency issuers. It is mentioned in passing, but the whole fraudulent nature of trade deficits as a rational for retalieatory teriffs is given short schrift. The public needs to see a clear rejoinder to the tRump smoke and mirrors, not an academic tomb on the size and effects of various countries' trade deficits.
Graham Paterson | August 1, 2018 at 8:21 pm |
A very lucid and rational explanation about the misleading way we are programmed to understand Government debt.
However, the one thing that is not explained is why the Government needs to issue interest-bearing bonds in the first place. If all that is effectively doing is creating new money, why does a Government choose to pay someone else to do what it can do for free? That doesn't make sense.
Surely, a Government can devise some practical restraining conditions for creating new money without having to rely on what it can extract from the private sector through bond sales?
In truth, it is the first and not really the "most commonly understood" method of creating new money through the banking system, that causes most of the problems with inflation and deflation, not the Government, which is the entity that is normally blamed.
I would also suggest we shouldn't be promoting the erroneous concept that the Government spends its money for "to pursue the collective goals—and address the collective needs—of society at large" when 1/3 of the budget is spent on warmongering through the Pentagon.
J.D. ALT | August 2, 2018 at 11:57 am |
Graham Paterson: I think the answer is that for whatever combinations of history and monetary evolution, that is simply the way it's ended up being done. You're right, it doesn't HAVE to be that way, but the important thing is to understand the reality of what's happening. I would also submit that congresspeople who appropriate dollars for "warmongering" believe they are pursuing a collective goal—and have convinced most of the American people that is the case. That is different than a loan officer approving a bank-loan because they believe the borrower will repay the loan with interest—generating a profit for the bank.
Newton Finn | August 1, 2018 at 9:32 pm |
I find it fascinating that one of most radical and prescient thinkers of the 19th Century, Edward Bellamy, envisioned a 21st Century America that had reached a near-utopian state along the lines that MMT now indicates is theoretically within our grasp. Bellamy's twin masterworks, "Looking Backward" and "Equality," are freely available on the web should anyone wish to check them out. If one reads nothing else, the opening chapter of "Equality" contains perhaps the greatest Socratic dialogue ever written on capitalism and socialism. Here's an essay that, unfortunately, fails to do him justice:
https://newtonfinn.com/
Keith Evans | August 1, 2018 at 9:58 pm |
A growing economy can survive with just bank credit dollars until it slows or stops growing. The major shortcoming of this money type is that it cannot retire the debt that created it, so it must either be rolled over into new debt, or retired with the money only Congress can create. It also cannot be net saved, so none of those Treasury bonds represent bank credit, which always nets to zero. We can fool ourselves into thinking we are doing wonderful things with this money, but as soon as the music stops and the fiddler must be paid we find that the only "net" fiscal asset we have is still ol'fashion gubmint dollars.
J.D. ALT | August 2, 2018 at 12:07 pm |
Keith Evans: "We can fool ourselves into thinking we are doing wonderful things with this money…" I think inadvertently you've hit the nail on the head! The point of the whole exercise isn't about the money, it's about the "wonderful things" we think we're doing–so long as we actually get them done, and so long as they actually are wonderful.
Adam Eran | August 3, 2018 at 10:01 am |
All of this stuff is debt: T-Bills, Treasury Bonds, and dollars. ***ALL*** appears on the books of the Fed as a liability. It's bank debt, not household debt.
Your checking account is your asset, but the bank's liability. Ditto for your savings account. When you write a check, you're assigning a portion of the bank's debt to the payee. Dollars are simply checks made out to cash in fixed amounts.
How many dollar financial assets are in circulation in the U.S. economy? Exactly the amount we call "National Debt."
And how often do you hear of bank's depositors petitioning the bank to diminish its indebtedness (i.e. the amount in their accounts) by increasing its fees or lowering interest paid on savings? That would only occur at the bank of crazy people.
Meanwhile, what do dollars really indicate? They are an IOU. What is owed? A dollar's worth of relief from an inevitable liability: taxes. That's right, taxes make the money valuable. They do not fund or provision the government that makes the money (where would tax payers get dollars to pay taxes if the government didn't spend them out into the economy first?).
What does China get for its dollars? The right to buy things with dollars. That's it. And even that is not an unrestricted right (remember, government can forbid certain transactions). Steve Keen says MMT ignores the real import of balance of payment imbalance because it's too U.S.-centered. Meanwhile, if we're to remain the world's reserve currency, the U.S. *must* run a trade deficit so it can leave dollars in the hands of its trading partners.
John Zelnicker | August 1, 2018 at 10:09 pm |
J. D. – You have done a great job over the years of coming up with a variety of ways to address the public's misunderstanding of our fiat money system and it's components. I consider Diagrams & Dollars to be a masterpiece.
This post is another keeper. Thank you.
cgordon | August 1, 2018 at 11:23 pm |
It's just like buying a CD from your bank, and paying for it out of your checking account. Nobody thinks that the bank is "borrowing" anything. The bank is just exchanging one kind of promissory note (CD) for another kind of promissory note (checking deposit). Both are promissory notes (liabilities) of the bank. The CD purchase does not increase the bank's total liability, therefore no "borrowing" occurred.
Similarly, sale of a Treasury bond is just an exchange of one kind of Government promissory note( liability, currency or reserves) for another kind of Government promissory note (liability, T bond). Total Government liability does not increase, therefore no "borrowing" occurred.
If you borrow your neighbor's lawnmower, your liability increases by one lawnmower. That increase in liability is the hallmark of borrowing. If you trade your snowblower for his lawnmower, your liability does not increase, because it was not borrowing, it was a trade or swap.
Treasury bond sales are a swap of assets (from the private sector's POV) or liabilities (from the Governments POV). As with lawnmowers and snowblowers, with a swap there's no borrow.
Dave Paulson | August 2, 2018 at 11:46 am |
Nice! I don't know why I never made the comparison myself, but the synapses are now connected.
James | August 2, 2018 at 7:38 am |
How do future-year unfunded liabilities, such as SS, Medicare, etc., fit into this explanation?
John Zelnicker | August 2, 2018 at 8:47 pm |
@James – August 2, 2018 at 7:38 am
The term "unfunded liabilities" is misleading. It is used by those who do not understand sovereign fiat money systems like ours, mostly as a scare tactic.
All Social Security and Medicare, as well as any other government "liabilities", are paid when due by someone entering instructions into a computer telling a bank to increase the balance in the target person's or company's bank account. (The Social Security Trust Funds are an accounting artifice that don't have anything to do with the payment of benefits.)
There is no reason, other than politics, why the government cannot continue to pay SS and Medicare benefits in the same fashion when they come due in the future.
Detroit Dan | August 2, 2018 at 12:16 pm |
Did you find cgordon's response answered your question, Mr Greenberg? I think he's got it right.
Also, in response to Greenberg's comment:
Treasuries notes and bonds are extremely liquid, and will be accepted by the central bank as collateral. So no one is unable to spend in any serious fashion because they hold their money in the form of Treasuries (time deposit) as opposed to cash (demand deposit).
Also (thanks to https://www.investopedia.com/university/moneymarket/moneymarket7.asp for the quote), there are money markets which swap interest bearing money for demand deposits as needed, so that cash is readily available when desired for those who hold geovernment notes/bonds:
Repo is short for repurchase agreement. Those who deal in government securities use repos as a form of overnight borrowing. A dealer or other holder of government securities (usually T-bills) sells the securities to a lender and agrees to repurchase them at an agreed future date at an agreed price. They are usually very short-term, from overnight to 30 days or more. This short-term maturity and government backing means repos provide lenders with extremely low risk.
William Beyer, FAIA | August 2, 2018 at 12:33 pm |
Very nicely written and reasoned, J.D! My fallback argument is that you don't "borrow" your own money, money that we the people have specifically empowered our government to create. The word "borrow" is an Orwellian abuse of the language, as Jamie Galbraith has said, "to fool the rubes back home."
Heim | August 2, 2018 at 12:57 pm |
What was that comment about "Does the bowling alley run out of points"?
Kelly Gerling | August 2, 2018 at 3:46 pm |
Dear JD,
Thank you for the superb article.
You said that there are two forms of money creation in the American economy: bank loans and issuing treasury bonds.
Is there not a third form of money creation?
Is spending by the national government for infrastructure like creating and maintaining the Interstate Highway System, paying Social Security benefits, paying into some kind of future universal job guarantee or UJG, paying salaries of federal employees, paying for military equipment and Pentagon salaries, etc., money creation?
Aren't those on that list, and many others, paid for by the national government crediting accounts according to allocations authorized by the government in a budget?
I was a little loose with some of my words. I should have said that:
When people buy treasuries, the money is taken out of the private sector of the economy, and given back to the treasury (government sector). When the government spends the same amount of money into the private economy as deficit spending it is putting this amount of money back into the economy that it took out from the sale of bonds. The balance of spendable money in the private economy is not changed by the deficit spending unless the Fed buys treasuries on the open market thus putting some of that money back into the private economy for immediate spending.
For me, the above rewrite is a distinction without a difference for what I am talking about. However in some other situations it might be important, and MMTers think it is always necessary to be emphasize this detail. My being careless with the words only got in the way of the point I was making.
The fact that the purchaser of the bond cannot spend that money until the bond matures is of great significance. War bonds were sold during WW II to get money out of the hands of workers so that they could not spend it while factories were devoting all their efforts to making military items. The point is that the bonds would be redeemed after the war was over, and the factories could provide for consumer demand. In other words war bonds were sold to control inflation, not to finance the war.
It is the purchase of the bond from the government that transfers money from the private sector to the government sector. Trading bonds in the private sector does not change the amount of money in the private sector. It just shifts the money around inside the private sector.
cgordon | August 3, 2018 at 4:16 pm |
Steven, the way I think of this is that there are three kinds of money issued by the Government: paper money and coins (walking around money), reserve dollars (checking account money), and Treasury securities (savings account money). All three are promissory notes (liabilities) created out of thin air by the Government. Others have noted here that as a practical matter all three kinds of money are freely convertible into the other kinds. So to say that bond sales remove money from the private sector isn't really appropriate. They do remove reserves from the private sector, which tends to push up interest rates on reserves (the Fed funds rate). And control of the Fed funds rate is the real purpose of bond sales.
Also remember that private sector money that was in a bank account could have been lent out by the banks in the form of loans. If someone taps their savings account to buy a government bond, then that money is removed from the private bank (and the private sector). The private bank will have to do something about that loss of deposits, which could have multpilier effect on the amount of money that seems to be circulating in the private secrtor. Money transferred from the private sector to the government sector just disappears until a similar amount of money is put back into the private sector by the government.
Steven, I don't see Government bond sales as a transfer of money. It's a swap of one kind of promissory note (reserves) created by the Government out of thin air for another kind of promissory note (bonds) created by the government out of thin air. These things are, as has been noted, for all practical purposes equally liquid; they are both money. What does change when the Government sells a bond is that reserves are drained out of the banking system, and the interbank rate on reserves (Fed Funds rate) goes up a bit. At the end of the day, interest rate manipulation is the point of bond sales. The only way to make Government money disappear is taxation.
terrymcneely | August 2, 2018 at 8:50 pm |
I found the explanation rather roundabout and confusing. But this is my understanding of what MMT is getting at:as i understand it, we can't just print dollars to spend cause treasury's hands are tied and you have to go to the Fed to hold an auction of treasuries first to print the money you will use to pay off the old treasuries, in essence the debt rolls over. It looks like, if my understanding correct, you can't pay off the "national debt' because the Fed Reserve Act prevents it.
But if this is correct this is also how the national debt was created in the first place, if my thinking on this is correct/
Wray in his book on modern monetary theory states that the Treasury has its hand tied by the FRAct in the first place; any spending has to be preceded by going into debt, selling a treasury bond; an unnecessary and complicating step, except lots of people do want to own treasuries as a safe place to park their money. mahalo.
How many dollar financial assets are in circulation in the U.S. economy? Exactly the amount we call "National Debt." We circulate a bunch of IOUs as our medium of exchange.
Bill Mitchell teaches there is absolutly no reason to sell bonds except as corporate welfare.
The FED Funds Rate is the interbank loan rate. It is not the interest rate of bonds.
The impact of the freely convertible depends on where the conversion happens. Once the money is given to the government sector to buy bonds for the private sector all conversion of those bonds happens in the private sector. So the money that is already in the private sector could be the money that is used to swap someones bonds for someone else's money. The swap involving the government sector again only occurs if the bonds mature and are redeemed or if the FED should buy treasury bonds in the open market. If you want to preserve the idea of sector balances that is so important to MMT, you must differentiate between swaps that involve the government sector and the ones that do not involve the government sector. It has nothing to do with how you look at it. It only has to do with the explanation of all this that is part of MMT. Either you agree that MMT is an accurate description of how money works, or you don't.
The Fed funds rate is the interbank loan rate on reserves. When the Fed wants this rate to go up, it sells Treasury securities, accepting payment in reserve dollars. That drains reserves out of the banking system and tends to push the rate up. If the Treasury didn't sell securities, it wouldn't be possible for the Fed to control interbank rates on reserves. (I suppose the Fed could buy some other bank asset, but it typically doesn't. The other way to control the interbank rate is to offer interest on reserves. The Fed does do this now, I think, because QE flooded the banking system with reserves.)
What MMT does say is that demand for credit in the banking system controls the money supply (not, as often claimed, with the money supply determining the supply of credit through a money multiplier mechanism). More specifically, when banks expand credit (by creating deposits), reserve requirements go up. That would tend to push up the Fed funds rate, forcing the Fed to buy Treasuries which releases reserves and pushing the rate back down to its target. So it's more correct to say that demand for credit in the banking system controls the supply of reserves.
Swaps between buyers and sellers in the private sector don't, as you point out, directly affect the supply of reserves. But overall demand for reserves to meet reserve requirements forces the Fed's hand, as noted in the last paragraph. That is the basis for my claim that bonds are in practice freely convertible into reserves.
Does Bill Mitchell ever discuss the use of bonds to control inflation?
James Gaddis | August 6, 2018 at 3:35 pm |
I tend to like Gary Houk's description earlier in the comments. To suggest that treasury sales make money available for federal spending almost seems akin to suggesting that banks loan deposits. The Treasury General Account which is credited with tax collections and treasuries sales and debited with federal spending is an artificial and pretty meaningless constraint, I think. It is useful for record-keeping, I suppose, but does it contain dollars in any form? No. Could the Treasury carry on its operations without it? Of course.
Jim Gaddis | August 6, 2018 at 7:06 pm |
"The treasury bond or note has the same liquidity/tradability in the economy as the regular dollars it has replaced; therefore, the amount of "money" in the private sector doesn't fall by the amount taken out by the "borrowing" but remains the same as before the "borrowing" occurred."
However, treasuries do not show up in any money supply measure do they? Is it not true that treasuries sales drain reserves and possibly reduce bank deposits as well, thus leaving a smaller MB money supply and possibly a correspondingly smaller M1 money supply? Does that not signal that there is, in fact, less "money" in the private sector — at least until the the treasuries expire and the reserves and possible bank deposits are restored? Or is that measure passe? It seems to me that the only way a treasury can be converted back to "money" of any standard measure prior to its expiration date is for the Fed to purchase it, and even then it just restores reserves doesn't it?
cgordon, I just read Chapter 18 of Michael Hudson's book "Killing The Host: How Financial Parasites and Debt Bondage Destroy the Global Economy" It finally drove home to me the real and significant difference between money created by the FED and money created by a private bank. When the federal government spends FED created money into the economy, it is debt free to the recipient. When a bank lends money, the loan comes with an interest burden to the recipient. It is that additional interest burden that comes from the loan for every round of circulation through the private banking system that is a burden on the private sector of the economy that does not exist with money spent into the economy.
In all my years of reading about MMT, that point never dawned on me. MMT talks about high powered money and private bank created money, but it seemed like a distinction without a difference. I wished that these MMT explanations had just said that the interest owed to the bank was the issue.
Jim Gaddis, see my comment about the difference between bank created money and FED created money. When the federal government spends money into the private sector of the economy, there is no debt owed by the recipient of that money. Each time money is deposited in a private bank, and then loaned out in a new loan, there is an interest burden put on that loan that the customer takes out. For the bank to make money, the interest it charges is higher than the interest it pays to the depositor of that money. That interest differential is a burden on the private sector borrowers that extracts money from the borrower and transfers it to the FIRE sector of the economy (Finance, Insurance, and Real Estate). It is the transfer of money from the 99% to the 1% in this bank transaction that builds up, and is a drag on the economy.
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text:
Jinjer & P.O.D. at The Wiltern
Jinjer & P.O.D. Tickets
Ukrainian metal band Jinjer just announced a fall 2022 tour with P.O.D.! The headlining trek is held in support of their fourth studio album, Wallflowers. On Thursday, 22nd December, Jinjer and P.O.D., along with other support acts, such as Space of Variations and Malevolence, will be conquering the Wiltern in Los Angeles! This hard-hitting line-up is set to deliver colossal hits and fan favorites. So, you better prepare your necks because this night at the Wiltern calls for relentless headbanging and neck-breaking! If you want to be part of this awesome experience, you better grab your tickets now!
Jinjer is a progressive metal band from Ukraine. They emerged in 2008 with the original singer Maksym Fatullaiev, guitarist Dmitriy Oksen, drummer Vyacheslav Okhrimenko and bassist Oleksiy Svynarand. These founding members came out with their debut EP in 2009 titled, Objects in Mirror Are Closer than They Appear. During their early years, the band underwent several line-up changes and dropped self-released EPs. In 2013, the band won the Best Ukrainian Metal Act award held by Kyiv's InshaMuzyka label.
In 2014, the band released its debut album, Cloud Factory. The album was later picked up and re-released by the independent heavy metal music label Napalm Records. Jinjer started to tour overseas. This time the line-up comprises vocalist Tatiana Shmailyuk, guitarist Roman Ibramkhalilov, bassist Eugene Abdukhanov, and drummer Yevhen Mantulin. In 2016, the band's singles "Pisces" and "I Speak Astronomy" from their second album, King of Everything, became viral on Youtube. Moreover, Metal Hammer named "Pisces" one of "The 100 Greatest Metal Songs of the 21st Century." During the summer, the band's consistent tours all over the world were commended by the Ukrainian government. Hence, Jinjer was named the official ambassador to the country.
Grammy-nominated Christian metal band P.O.D. will support Jinjer on this much-anticipated tour. The band has released 11 studio albums and sold over 12 million copies worldwide. Their 2001 studio effort, Satellite, earned triple-platinum status after selling more than three million units. The album debuted at number 6 on the Billboard 200 and entered the charts in 17 other countries.
Tickets to see Jinjer, P.O.D., and other acts at the Wiltern are now available! Score your tickets now to experience this jam-packed lineup!

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text:
Q: Beautiful Soup - strange characters returned when stripping HTML tags I have cribbed most of my code from this accepted Stack Overflow answer and inserted into the following code (running in Python 2.7):
import SelectProxy
from  bs4 import BeautifulSoup, NavigableString
import requests
import json

sys.path.append("G:\\Python27\\Kodi")

session = requests.Session()

url = 'http://www.tvguide.co.uk/mobile/channellisting.asp?ch=66'

headers = {
'Accept': 'text/html,application/xhtml+xml,application/xml;q=0.9,image/webp,image/apng,*/*;q=0.8',
'Accept-Encoding': 'gzip, deflate',
'Accept-Language': 'en-GB,en-US;q=0.9,en;q=0.',
'Connection': 'keep-alive',
'Host': 'www.tvguide.co.uk',
'Referer': 'http://www.tvguide.co.uk/mobile/',
'Upgrade-Insecure-Requests': '1',
'User-Agent': 'Mozilla/5.0 (Windows NT 10.0; Win64; x64) AppleWebKit/537.36 (KHTML, like Gecko) Chrome/65.0.3325.181 Safari/537.36'
}

r = session.get(url, headers=headers)

print r.text

def strip_tags(html, invalid_tags):
    soup = BeautifulSoup(html, "lxml")

    for tag in soup.findAll(True):
        if tag.name in invalid_tags:
            s = ""

            for c in tag.contents:
                if not isinstance(c, NavigableString):
                    c = strip_tags(unicode(c), invalid_tags)
                s += unicode(c)

            tag.replaceWith(s)

    return soup

invalid_tags = ['td', 'tr', 'div', 'a', 'span', 'br']
print strip_tags(html, invalid_tags)

...this removes the tags alright, but I am now getting lots of strange text printed to screen as so:

                        The latest national and international stories as they break

Rating:  3.1

...can anyone please advise what I am doing wrong?
Thanks

A: The tags are there to help you get to the text you want. Most of the text in that page is inside HTML tables which can be extracted as follows:
from bs4 import BeautifulSoup
import requests
import re

r = requests.get('http://www.tvguide.co.uk/mobile/channellisting.asp?ch=66')
soup = BeautifulSoup(r.text, "html.parser")

for tr in soup.select('table tr'):
    if not tr.script:
        print ' -'.join(re.sub(r'\s+', ' ', td.text) for td in tr.find_all('td'))

This would give you output starting:
6:00am - Breakfast A round-up of national and international news, plus sports reports, weather forecasts and arts and entertainment features. Including NewsWatch at 7.45 Rating: 1.4
7:00am - Breakfast A round-up of national and international news, plus sports reports, weather forecasts and arts and entertainment features. Including NewsWatch at 7.45 Rating: 1.4
8:00am - Breakfast A round-up of national and international news, plus sports reports, weather forecasts and arts and entertainment features. Including NewsWatch at 7.45 Rating: 1.4
9:00am - BBC News The latest national and international stories as they break Rating: 3.1
10:00am - BBC News The latest national and international stories as they break Rating: 3.1
10:30am - The Travel Show 20/04/2018 Join the team on their journey of discovery as they explore new destinations around the globe and uncover hidden sides to some of the world's favourite holiday hotspots Rating: 4
11:00am - BBC News The latest national and international stories as they break Rating: 3.1
11:30am - Dateline London 21/04/2018 Foreign correspondents currently posted to London look at events in the UK through outsiders' eyes, and at how the issues of the week are being tackled around the world Rating: 6.3
12:00pm - BBC News The latest national and international stories as they break Rating: 3.1
12:30pm - Click 20/04/2018 A guide to the latest gadgets, websites, games and computer industry news Rating: 3.3

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Traditional, Bay Fronted, Three Bedroom, Semi-detached House, situated in a pleasant and convenient position on one of the Heath's principle thoroughfares. Local facilities are within easy reach, including a useful parade of shops on Maes Y Coed Road, with further facilities available at St Isan Road, Rhiwbina Village or Rhyd-y-Penau Crossroads, all having a useful range of shops. Larger retail stores are also within easy reach at Llanishen Retail Park and there is ample recreational space at Hill Snook Park, a few minutes' walk or Heath Park at the further end of Heathway. Cardiff City Centre; approximately three miles distant, can be readily accessed by bus routes from Maes y Coed Road or by rail from nearby Ty Glas, an easy walk.
Hall, Lounge, Dining Room, Kitchen, Three Bedrooms, Bathroom, Front Garden, Driveway, and Garage and Long Rear Garden.
HALL: (11'1"" x 7'11"): Radiator, under stairs storage cupboard, dog leg staircase to first floor, double glazed Upvc frosted window to side and pendant light.
FRONT DINING ROOM: (13'9"into bay x 11'3") Bay window to front with Upvc double glazing, curtain rail and pelmet above, radiator, coving and pendant light.
REAR LOUNGE: (11'5" x 13'1") Coal effect gas fire set on a raised hearth with a surround to match and a timber mantelpiece over, radiator, sliding patio doors to rear garden, curtain rail and pelmet above, plate rack, coving, pendant light and panelled door to the hall.
KITCHEN: (14'7"x 6'0") Double glazed Upvc window to side, range of fitted units comprising cupboards, drawers and roll top work surfaces with a sink unit, mixer tap, four ring gas hob with extractor over, radiator, coving, pendant light. Double glazed door to rear garden. Built-in fridge, washing machine and tumble drier.
Double glazed Upvc window to front, loft hatch and pendant light.
FRONT BEDROOM ONE: (13'9" into bay x 10'7") Double glazed Upvc window to front, radiator, curtain rail and pelmet above. Built-in cupboards, coving and pendant light.
REAR BEDROOM TWO: (11'5" x 10'0") Double glazed Upvc window to rear, curtain pole above, fitted vertical blind, radiator, built-in range of cupboards, coving and pendant light.
REAR BEDROOM THREE: (8'4" x 9'1") Double glazed Upvc window to rear, curtain rail and pelmet above, radiator, built-in airing cupboard with a wall mounted Worcester gas combination boiler to serve heating and hot water. Pendant light.
BATHROOM: (6'2" x 5'8") Double glazed Upvc frosted window to side. Three piece suite comprising bath with electric shower over, wash hand basin, low flush w.c. one radiator, coving and ceiling light.
FRONT GARDEN: Easily maintained with laid lawn and flower beds to surround.
REAR GARDEN: Mainly laid to lawn with mature plants and shrubs, approximate length of 100'and a north westerly aspect.
OUTSIDE W.C. Low flush suite.
GARAGE: (16' x 8'4") Brick built with double doors and a shed behind.


text:
William R. King/Related Articles
From Citizendium, the Citizens' Compendium
< William R. King
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Citable Version [?]
A list of Citizendium articles, and planned articles, about William R. King.
See also changes related to William R. King, or pages that link to William R. King or to this page or whose text contains "William R. King".
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Auto-populated based on Special:WhatLinksHere/William R. King. Needs checking by a human.
21st United States Congress [r]: U.S. Congress seated March 4, 1829 to March 3, 1831, the first two years of President Andrew Jackson's first term. [e]
22nd United States Congress [r]: U.S. Congress seated March 4, 1831 to March 3, 1833, the last two years of President Andrew Jackson's first term. [e]
23rd United States Congress [r]: U.S. Congress seated March 4, 1833 to March 3, 1835, the first two years of President Andrew Jackson's second term. [e]
24th United States Congress [r]: That session of the U.S. Congress that convened on March 4, 1835, adjourned on March 3, 1837, and was the legislature for the two years of the second administration of U.S. President Andrew Jackson [e]
25th United States Congress [r]: U.S. Congress seated March 4, 1837 to March 3, 1839, the first two years of President Martin Van Buren's term. [e]
26th United States Congress [r]: U.S. Congress seated March 4, 1839 to March 3, 1841, the last two years of President Martin Van Buren's term. [e]
27th United States Congress [r]: U.S. Congress seated March 4, 1841 to March 3, 1843, during President William Henry Harrison's term and the first 2 years of John Tyler's term. [e]
28th United States Congress [r]: The session of the legislative branch of the United States that met from March 4, 1843 to March 3, 1845, during the second half of the administration of U.S. President John Tyler [e]
30th United States Congress [r]: U.S. Congress seated March 4, 1847 to March 3, 1849, the last two years of President James K. Polk's term. [e]
31st United States Congress [r]: U.S. Congress seated March 4, 1849 to March 3, 1851, during President Zachary Taylor's term and the first months of Millard Fillmore's term. [e]
32nd United States Congress [r]: U.S. Congress seated March 4, 1851 to March 3, 1853, the last two years of President Millard Fillmore's term. [e]
33rd United States Congress [r]: U.S. Congress seated March 4, 1853 to March 3, 1855, the first two years of President Franklin Pierce's term. [e]
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text:
Cain - Chapter Eleven
Several centuries passed and the human population had multiplied nearly tenfold. News of Adam's death spread through the network of tribal humans that remained under the protection and leadership of Aklia. Finally, Cain thought to himself as he stared up at the moonless night sky. But his mother had passed just a few years before, and that was an ache that he would never be able to get rid of. So many things had transpired between them. Unspeakable truths that even at this point in his life, he refused to revisit.
The single story dwelling made of mud and stone he shared with his pregnant wife Luluwa, their three growing fledglings, Tati, Tyre, and Eliana had been built by the hands of humans he enlisted for help. Nunka had finally found his own bride: a beautiful dark- skinned daughter of a chief from the northern tribe of Seth. She was as vicious as Nunka before being turned- so much so- that she had been cast out from her own people. By the time Nunka had discovered her, she had already killed several members of her tribe, claiming that the pagan goddess of fire ordered their execution. But her father had known the truth about his blood thirsty daughter. Unwilling to kill her, putting an end to her psychopathic and sadistic behavior, he decided to cast her out into the wilderness.
And that was how Nunka found her.
And together, the two of them rained a vengeful bloodshed upon that very village when she had awakened to her thirst.
At first, Cain wanted to kill her, believing that her existence would bring attention to Aklia and her daughters. And it did. However, in a surprise attack orchestrated by Nunka and his wife, Naima, the two of the successfully killed Aklia's oldest and strongest daughter Adinkra. And in a sadistic ploy to taunt Aklia, they left Adinkra's broken, bloodied body out in the open, hanging by her neck in the treetop clearing.
Aklia's screams could be heard for miles.
However, their victory was short lived. Neither would have known that a bite inflicted upon Aklia's daughter would have resulted in both Nunka and Naima's longsuffering internally. It was then Cain discovered that his sister and her daughters were something else too. Something designed to combat his family. Their blood proved toxic to blood drinkers, causing temporary blindness, pain, and their ability to heal stripped from them. Cain and Luluwa assisted with providing both of them blood just to keep them alive. Once they were strong enough to be moved, that is when Cain enlisted the aid of human helpers to assist with the construction of their homes…separate homes.
Nunka's abode was positioned over the edge of a cliff less than a mile away, looking downward over a mountain of jagged rocks and a guaranteed death for the unlucky human who dared to venture into Nunka's territory. They now knew and understood the importance of Cain's rules regarding secrecy. All of them were being hunted and would forever be hunted, until each one had been taken down.
Cain studied his pregnant wife, delighted that once again, another member of his kind would be born and not bitten. He wondered if Nunka would be able to expand their legacy with his wife, but time would only tell. His three younger children were nearing the ages of adolescence and like Nunka, despite being blood drinkers, they could still survive on food. Luluwa and Naima needed blood and blood alone.
Luluwa still prepared meals as she did when human and caring for her family as she learned from her mother Eve. But when darkness fell, she was no longer Luluwa the doting wife and mother of his children. She became a huntress, a predator…something that he found both beautiful and terrifying at the same time. The duality of the mother and monster that resided in her, he found fascinating and something to be studied. And as the days drew nearer for the birth of the newest addition to his family, he began to do what any loving, considerate husband would do for his wife: bring food home.
She rested peacefully within the dirt hole that he carefully dug just a few feet into the ground, long enough to accommodate her 5'6'' height, and wide enough for her to shift and change positions should she need it. He lined it with blankets made of the skin of goat and ram for her comfort. Some days, their children would join her as she slept, as they preferred the night anyways. But now they waited for her to awaken from her rest, and the three opted to skip and run around outside as normal children would.
Yet, it would be just their luck that a wanderer found his way near their home, unaware of the danger.
Cain stood up from the corner he rested in quickly. "Tati! Tayre! Eliana!" He shouted, moving at light speed to retrieve them, only to discover that they were nowhere to be found. Cursing, he rounded their home, listening for them.
His children were also predators.
A loud scream echoed not far off in the distance of the trees.
With a sigh, Cain materialized from inside the dwelling to where the gurgling sounds of a man on his last breath struggled to pull away from the three fledgling vampires that fed on him.
"Tati! Tayre!" Eliana!" Cain called out to them again, this time capturing their attention.
Savages. His children were savages. They looked up at him, each kneeled from different positions surrounding the dead body, with blood and flesh dripping from their exposed fangs. Tati and Tayre, the twins each had chewed away the side of the poor man's neck, while Eliana worked at his thigh.
"Get away from him!" Cain shouted as he approached the body. "What are you doing?"
Tati and Tayre glanced at one another and slowly rose to their feet. On the other hand, Eliana remained on her knees, still leaning over the man, like a vulture protecting her prize.
"We were hungry," Eliana stated evenly. "And he is food."
Cain studied the youngest of the bunch, unsure of how to approach the subject matter at hand. What she said was true indeed, but still he could not allow them to remain undisciplined. There needed to be a balance, lest the archangels instead of his sister decide to come for them.
"Eliana," Cain began carefully, still focused on her. "That may be true, but were you not listening when I explained to all of you, despite being the hunters we are also the hunted?"
Eliana's eyes slowly normalized from blood red to the soft brown that seemed to always melt his heart. "But Papa," she pleaded, pushing herself away from the body. "His blood, it called to us."
"As what blood will always do to our king," Cain replied, moving his attention from Eliana to the twins. "But you all must be careful. Humans are a very delicate population, and it is true that individually they stand no chance against us, but should they band together in numbers…"
"Then we should bleed them out one by one," Eliana declared, catching a frown from her sister Tati.
"No Eliana," Cain chuckled. "Then what will we do for food if we bleed them out? In a few short years, we could easily destroy humanity and then what? Your mother and I nearly starved in the beginning…"
Tati stuck her tongue out at Eliana, who sneered back at her. "So what will we do with him?"
Cain exhaled sharply as he examined the body. His children had done quite the job on the poor wanderer. Had he been lost? Did he have a family that would without a doubt come for him? The poor soul's jaw line and jugular had been ripped out. Tati's work was evidenced by the serrated gash that extended from the man's jaw to his shoulder, all the way through to the bone.
"We are going to have burn the body as usual," Cain said finally. "But not here."
"Let us come with you," Tayre said, licking around the edges of his mouth. "At some point, we will have to know how to do this on our own."
Instead of children who played with toys made of cloth and wood; children who begged their papa to tell them stories of great adventures; children who sang along with their mother; children who skipped and played and laughed at silly things…his children, in the five years since each of their births, perfected the art of being a predator. They were smarter, faster and stronger than human children and most adults. They laughed when a victim begged for mercy, screamed in terror, attempted to escape, struggled to fight back…like a small pack of hyena they would surround their would be victims, taunting them with their childish expressions.
His children were monsters.
But he loved them anyways.
"Grab his feet Tyre," Cain instructed as he grabbed the dead man by what was left of his neck.
Tyre did as instructed as Eliana and Tati hung back, waiting for their father's instructions. Cain quickly glanced at them with playful merriment in his eyes. "Oh and one more thing," Cain smiled. "Try to keep up."
Cain took off with Tyre still holding onto the man's feet without having been ripped apart and laughed.
"Hey!" Eliana shouted racing off after them with Tati behind her. "Wait for us!"
#Cain #TheVampireHuntersAcademyPrequel #prequels #OriginalVampire
Coming Soon: The Book of Obsidian
Nighttime Thoughts


text:
Кольца Юпитера — система колец, окружающих планету Юпитер, известна также как Юпитерианская кольцевая система. Это третья система колец, открытая в Солнечной системе, после Сатурнианской и системы колец Урана. Наличие колец предполагал ещё в 1960 году советский астроном Сергей Всехсвятский: на основе исследования дальних точек орбит некоторых комет Всехсвятский заключил, что эти кометы могут происходить из кольца Юпитера и предположил, что образовалось кольцо в результате вулканической деятельности спутников Юпитера (вулканы на Ио открыты два десятилетия спустя). Впервые кольца Юпитера были замечены при подлёте КА Вояджер-1 в 1979 году к Юпитеру, более подробные сведения о кольцах удалось получить в 1990-х благодаря КА Галилео. Кольца также наблюдались Телескопом Хаббла и наблюдаются с Земли в течение множества лет. Наземные наблюдения требуют наиболее крупных из доступных телескопов.

Юпитерианская система колец слабая и состоит главным образом из пыли. В кольцах можно выделить в общей сложности четыре компонента системы: толстый тор из частиц — известный как «кольцо-гало́» () или просто гало; относительно яркое, очень тонкое «Главное кольцо»; и два широких и слабых внешних кольца — известных как «паутинные кольца» (Gossamer rings — кольца тонкие и прозрачные, как паутина), называющиеся по материалу спутников — которые их и формируют: Амальтеи и Фивы.

Основное кольцо и гало состоят в основном из пыли с Метиды, Адрастеи и возможно ещё некоторых спутников, что является следствием высокоскоростных столкновений. Изображения в высоком разрешении, полученные в 2007 году КА Новые горизонты позволили различить насыщенную и тонкую структуру основного кольца.

В видимой части спектра и близкой инфракрасной у колец красный окрас, за исключением «кольца-гало», которое имеет нейтральный или синий окрас. Размер пыли в кольцах разнится, но площадь поперечного сечения наиболее высокая для несфероидальных частиц с радиусом в примерно 15 микрометров во всех кольцах, за исключением кольца-гало. Вероятно, в кольце-гало преобладает пыль с поперечником частиц менее микрометра. Общая масса системы колец не поддаётся точному исчислению, но её оценки колеблются в пределах от 1011 до 1016 кг. Возраст системы колец неизвестен, но они могли существовать с момента окончательного формирования Юпитера.

Возможно, что ещё одно кольцо существует на орбите Гималии, если она, как полагают, сталкивалась когда-то с Дией.

Открытие и строение
Кольца Юпитера — третья открытая в Солнечной системе система колец, после колец Сатурна и Урана. Впервые кольца Юпитера наблюдались в 1979 году КА Вояджер-1. В кольцевой системе 4 основных компонента: толстый внутренний тор из частиц, известный как «кольцо-гало»; относительно яркое и тонкое «Главное кольцо»; и два широких и слабых внешних кольца, известных как «паутинные кольца», называющиеся по материалу спутников, которые их и формируют: Амальтеи и Фивы. Основные характеристики Юпитерианских колец приведены в таблице ниже.

Главное кольцо

Структура и внешний вид

Узкое и относительно тонкое Главное кольцо — самое яркое в системе колец Юпитера. Его внешний край располагается на расстоянии 129 000 км от Юпитера (или 1.806 RJ; RJ = экваториальный радиус Юпитера — 71 398 км) и совпадает с орбитой самого маленького внутреннего спутника Юпитера, Адрастеи. Его внутренний край не совпадает с орбитой какого либо спутника и лежит на расстоянии в 122 500 км (1.72 RJ).

Следовательно, ширина кольца — 6 500 км. Внешний вид кольца зависит от геометрии обзора. В прямо-рассеянном свете  яркость главного кольца начинает уменьшаться с 128 600 км (внутри орбиты Адрастеи) и достигает фонового уровня на расстоянии в 129 300 км вне орбиты Адрастеи. Таким образом, Адрастея выступает в роли «спутника-пастуха» для данного кольца, вплоть до расстояния в 129 000 км. Яркость кольца увеличивается в направлении к Юпитеру и достигает своего максимума на расстоянии в 126 000 км, вблизи от центра кольца, однако в нём наблюдается явный зазор, создаваемый Метидой, на расстоянии в 128 000 км. Внутренняя граница «Главного кольца» постепенно «исчезает» с 124 000 до 120 000 км, сливаясь с Гало. В прямо-рассеянном свете все кольца Юпитера яркие.

В обратно-рассеянном свете кольцо выглядит иначе. Внешняя граница Главного кольца, расположенная на расстоянии в 129 100 км, немного за орбитой Адрастеи, резко обрывается. Орбита луны отмечается зазором в кольце, таким образом, образуется кольцо вне орбиты Адрастеи. Есть ещё одно колечко на орбите Адрастеи, сопровождаемое зазором неизвестного происхождения, на расстоянии примерно в 128 500 км. Третье колечко располагается вне орбиты Метиды, в центре ещё одного зазора. Яркость кольца значительно падает сразу за орбитой Метиды, создавая так называемый «Паз Метиды». Внутри орбиты Метиды яркость кольца повышается значительно меньше, чем при прямо-рассеянном свете В обратно-рассеянной геометрии кольцо, как кажется, состоит из двух частей: узкой внешней части — ширящейся от 128 000 до 129 000 км, которая непосредственно включает три колечка, разделённых зазорами, и более слабой внутренней части, простирающейся от 122 500 до 128 000 км, в которой нельзя различить какую-либо структуру, в отличие от прямо-рассеянной геометрии. «Паз Метиды» служит им границей. Микроструктура кольца впервые была исследована по фотографиям, полученным КА Галилео а также ясно прослеживается на фото в обратно-рассеянном свете, полученным КА Новые горизонты в феврале-марте 2007 года. Более ранние наблюдения при помощи телескопа Хаббла (HST), Кека и КА Кассини оказались провальными, из-за недостаточной разрешающей способности. Однако позднее микроструктуру удалось различить при помощи телескопа обсерватории Кек и использовании адаптивной оптики в 2002—2003 годах.

При наблюдении в обратно-рассеянном свете кольцо кажется бритвенно-тонким, и толщиной не более 30 км. При боковом светорассеянии толщина колец от 80 до 160 км, увеличиваясь в направлении к Юпитеру. Кольцо кажется особо толстым при прямо-рассеянном свете, примерно 300 км. Одним из открытий КА Галилео стало относительно толстого (около 600 км) облака материи окружающего внутренний край кольца. Облако растёт в толщине ближе к внутреннему краю, где переходит в гало.

Детальный анализ изображений КА Галилео выявил продольные изменения яркости в Главном кольце, не связанные с геометрией обзора. Помимо этого, была обнаружена некоторая неоднородность в кольце — в масштабах 500—1000 км.

В феврале-марте 2007 года КА Новые горизонты провёл углублённый поиск новых небольших спутников в «Главном кольце». Несмотря на то, что ни один спутник крупнее 0.5 км обнаружен не был, камеры аппарата зафиксировали семь относительно небольших глыб из частиц кольца. Они двигаются в плотном колечке внутри орбиты Адрастеи. Мнение о том, что это именно глыбы, а не небольшие спутники, поддерживается азимутальными замерами. Они простираются на 0.1-0.3° вдоль кольца, что соответствует 1000-3000 км. Глыбы распределены внутри кольца на 2 группы — из 5 и 2 элементов. Происхождение глыб неясно, однако их орбиты находятся в 115:116 и 114:115 резонансе с Метидой. Возможно, они представляют собой осколки от столкновения Метиды и некоего объекта.

Спектр и гранулометрический состав

Спектр кольца был получен Хабблом, Кеком, КА Галилео и КА Кассини. Это позволило установить, что цвет частиц в кольце красноватый, то есть, их альбедо выше на больших длинах волны. Спектр кольца не позволяет выделить каких либо химических веществ, однако во время наблюдений Кассини были обнаружены линии поглощения на длине волн 0.8 μm и 2.2 μm. Спектр Главного кольца напоминает спектр Адрастеи и Амальтеи.

Присущие Главному кольцу свойства могут объяснятся гипотезой, по которой оно содержит существенное количество пыли размерами 0.1-10 μm. Это объясняет более сильную яркость кольца при прямо-рассеянном свете. Однако наличие более крупных частиц требуется, чтобы объяснить более сильную яркость и микроструктуру яркой внешней части кольца в обратно-рассеянном свете.

Анализ доступных фазовых и спектральных данных приводит к заключению, что распределение размеров мелких частиц в Главном кольце подчиняется степенному закону

где n(r) это число частиц с радиусами между r и r + dr, и  это нормализующий параметр выбирающийся для того чтобы соответствовать общему световому потоку от кольца. Параметр q — 2.0 ± 0.2 и применяется для r < 15 ± 0.3 μm и q = 5 ± 1 для частиц с r > 15 ± 0.3 μm. Распределение крупных частиц в мм-км зоне на данный момент не известно. Световое рассеяние в данной модели преимущественно осуществялется частицами с r около 15 μm.

Степенной закон, упомянутый выше, позволяет оценить Оптическую толщину  Главного кольца:  для крупных тел и  для пыли. Такая Оптическая толщина означает, что общее поперечное сечение частиц в кольце — приблизительно 5000 км². У частиц в Главном кольце, как считается, несферическая форма. Совокупная масса пыли в Главном кольце оценивается в 107−109 кг. Масса крупных тел, исключая Метиду и Адрастею, 1011−1016 кг. Это зависит от их максимального размера, предельное значение — 1 км диаметром. Для сравнения: масса Адрастеи — около 2 кг, Амальтеи — около 2 кг, Земной Луны—7.4 кг.

Присутствие в одном кольце сразу двух популяций частиц, пыли и крупных тел, объясняет различие внешнего вида кольца при разной геометрии обзора. Пыль хорошо видна при прямо-рассеянном свете и ограничивается орбитой Адрастеи. В противовес, крупные тела, хорошо различимые при обратно-рассеянном свете, ограничиваются областью между орбитами Адрастеи и Метиды, а также колечками.

Происхождение и возраст

Пыль покидает кольцо из-за эффекта Пойнтинга — Робертсона, а также электромагнитных сил Юпитерианской магнитосферы. Летучие вещества, например, льды, быстро испаряются. «Время жизни» частиц в кольце — от 100 до 1000 лет. Таким образом, пыль должна постоянно пополняться за счёт столкновений между телами от 1 см до 0.5 км размерами и теми же самыми телами и телами из-за пределов Юпитерианской системы. Источниками наполнения кольца служит популяция из относительно крупных тел, ограниченная 1000-километровой областью на орбите, яркая внешняя часть кольца, а также Метида и Адрастея. Наиболее крупные тела, исключая Метиду и Адрастею, служащие источниками, не могут быть более 0.5 км размером. Верхний предел был установлен наблюдениями КА Новые горизонты. Предыдущий верхний предел, полученный за счёт наблюдений Хаббла и Кассини, был близок к 4 км. Пыль, производимая столкновениями, сохраняет сначала те же орбитальные элементы, что и тела-источники, но постепенно медленно, по спирали, начинает сдвигаться в направлении Юпитера, формируя слабую (в обратно-рассеянном свете) внутреннюю часть Главного кольца и гало. На данный момент возраст Главного кольца неизвестен, но, возможно, он представляет собой последние остатки популяции из маленьких тел около Юпитера.

Вертикальные волнения
Фотографии с КА Галилео и Новые горизонты позволили различить 2 отдельные группы волнений внутри Главного кольца. Эти группы волнений более сильные, чем те, что могут быть вызваны дифференциальной узловой регрессией гравитационного поля Юпитера. Вероятно, наиболее заметное волнение из двух было вызвано столкнувшейся с Юпитером кометой Шумейкеров-Леви в 1995 году, тогда как второе появилось, по всей видимости, в первой половине 1990 года. Наблюдения Галилео в ноябре 1996 позволили сделать измерения этих двух «волнений»: длина:  и , вертикальная амплитуда  и , для более сильного и более слабого волнения соответственно. Формирование более крупного волнения можно объяснить воздействием на кольцо частиц кометы, полная масса которой составляла 2-5 x 1012 кг, которые отклонили участок кольца от экваториальной плоскости на 2 км. Похожее волнение наблюдалосьКассини в Кольцах Сатурна C и D.

Кольцо-гало

Структура и внешний вид

Гало ближе всех к самой планете и вместе с тем самое толстое кольцо планеты. Его внешний край совпадает с внутренней границей основного кольца на расстоянии в примерно 122 500 км (1.72 RJ). Начиная с этого расстояния, кольцо становится всё толще и толще по направлению к Юпитеру. Истинная толщина кольца не известна до сих пор, но составляющая его материя была зафиксирована и на расстоянии 10 000 км от плоскости кольца. Внутренняя граница кольца относительно резко обрывается на расстоянии в 100 000 км (1.4 RJ), но некоторое число материи фиксируется и на расстоянии 92 000 км от Юпитера. Таким образом, ширина гало — приблизительно 30 000 км. Своей формой оно напоминает тор без чёткой внутренней структуры. В отличие от Главного кольца, внешний вид гало лишь немного зависит от геометрии обзора.

Гало кажется наиболее ярким в прямо-рассеянном свете, именно в такой геометрии оно было сфотографировано Галилео. В то время как его поверхностная яркость намного меньше чем у Главного кольца, его вертикальный (перпендикулярный плоскости кольца) поток фотонов сопоставим из-за намного большей толщины кольца. Несмотря на толщину в примерно 20 000 км, яркость кольца-гало строго сконцентрирована в плоскости кольца, и следует степенному закону о форме: z−0.6 к z−1.5, где z — расстояние от плоскости кольца. Внешний вид гало в обратно-рассеянном свете, наблюдавшийся Кеком и Хабблом, почти неотличим. Однако его общий фотонный поток в несколько раз ниже, чем у Главного кольца, и более сильно сконцентрирован вблизи от плоскости кольца чем при прямо-рассеянном свете.

Спектр гало сильно отличается от спектра Главного кольца. Распределение потока фотонов на длинах волн 0.5-2.5 μm более «плоское» чем у Главного кольца; кольца-гало не имеет красноватого окраса как Главное, оно имеет синеватый окрас.

Происхождение гало
Оптические свойства гало могут объяснятся гипотезой, по которой в него входят частицы менее чем 15 μm размером. Часть кольца, расположенная далеко от его плоскости вполне может состоять из пыли менее микрометра размером. Такой пылевой состав объясняет намного более сильное прямое-светорассеиванние, синеватый окрас и неразличимую структуру кольца. Пыль, вероятно, происходит из Главного кольца, и это подтверждается фактом того что оптическая толщина кольца-гало  сопоставима с пылью из Главного кольца. Большая толщина гало может объяснятся возмущениями орбитального наклона и эксцентриситета частиц кольца электромагнитными силами Юпитерианской магнитосферы. Внешняя граница гало совпадает с расположением так называемого «Резонанса Лоренца» (3:2 с Юпитером). Поскольку Эффект Пойнтинга — Робертсона заставляет частицы кольца дрейфовать по направлению к Юпитеру, их орбитальный наклон меняет когда они проходят через эту область. Вышеупомянутое пылевое облако, окутывающее внутренние границы Главного кольца, может служить началом кольца-гало. Внутренняя граница гало достаточно близко проходит от сильного 2:1 Резонанса Лоренца. Вероятно, в таком резонансе очень сильные возмущения, что вынуждает частицы кольца отправится в направлении Юпитерианской атмосферы, определяя таким образом резкую внутреннюю границу. Если кольцо-гало — производное от Главного кольца, то у него примерно тот же возраст.

Паутинные кольца

Паутинное кольцо Амальтеи

Паутинное кольцо Амальтеи имеет очень слабую структуру с прямоугольным поперечным сечением, простираясь от орбиты Амальтеи с 182 000 км (2.54 RJ) до примерно 129 000 км (1.80 RJ). Его внутренняя граница не определена чётко из-за присутствия вблизи гораздо более яркого Главного кольца и кольца-гало. Толщина кольца составляет приблизительно 2 300 км в районе орбиты Амальтеи и слегка уменьшается по направлению к Юпитеру. Наиболее ярким кольцо становится вблизи от верхнего и нижнего краёв а также в направлении к Юпитеру. Одна из границ кольца часто бывает ярче других. Внешняя граница кольца довольно круто обрывается; Яркость кольца заметна лишь внутри орбиты Амальтеи, однако у кольца есть небольшое расширение за пределы орбиты Амальтеи — там где спутник вступает в 4:3 резонанс с Фивой. В прямо-рассеянном свете кольцо примерно в 30 раз тусклее Главного кольца. В обратно-рассеянном свете кольцо различимо лишь Кеком и ACS (Усовершенствованной обзорной камерой) на Хаббле. Изображения в обратно рассеянном свете позволяют различить некоторые детали кольца, например: пиковой яркости кольцо достигает внутри орбиты Амальтеи, ограничиваясь верхней и нижней границей кольца.

В 2002—2003 годах Галилео дважды прошёл сквозь «паутинные кольца». Во время прохода пылевые датчики зафиксировали частицы пыли с размерами 0.2-5 μm. Помимо этого, сканеры Галилео зафиксировали наличие относительно небольших (< 1 км) тел вблизи от Амальтеи. Возможно, это последствия столкновений неких тел с поверхностью спутника.

Наблюдения паутинных колец с Земли, с борта КА Галилео и прямые измерения пыли, позволили определить гранулометрический состав кольца, который, кажется, следует всё тому же степенному закону что и Главное кольцо, с q=2 ± 0.5. Оптическая толщина кольца, около 10−7, что на несколько порядков ниже чем у Главного кольца, однако совокупная масса пыли в кольце (107−109 кг) вполне сопоставима.

Паутинное кольцо Фивы
Паутинное кольцо Фивы самое тусклое и дальнее из известных. У кольца очень неясная структура и прямоугольное поперечное сечение. Кольцо начинается вблизи орбиты Фивы на расстоянии в 226 000 км (3.11 RJ) и ширится вплоть до 129 000 км (1.80 RJ;). Внутренняя граница кольца не определяется из-за намного более ярких Главного кольца и Гало. Толщина кольца — примерно 8 400 км вблизи орбиты Фивы и постепенно уменьшается по направлению к планете. Паутинное кольцо Фивы, как и паутинное кольцо Амальтеи, яркое вблизи нижней и верхней границы, а также становится ярче по мере приближения к Юпитеру. Внешняя граница кольца не обрывается резко, ширясь ещё на 15 000 км. Есть едва заметное продолжение кольца за пределы орбиты Фивы, приблизительно до 280 000 км (3.75 RJ) и именуемое Фиванским расширением. В прямо-рассеянном свете кольцо в три раза менее яркое чем кольцо Амальтеи В обратно-рассеянном свете кольцо смогли различить только телескопы обсерватории Кека. На фото в обратно-рассеянном свете видно, что пиковая яркость кольца начинается сразу за орбитой Фивы. В 2002—2003 детекторы пыли на Галилео зафиксировали наличие частиц размерами 0.2-5 μm как и в кольце Амальтеи, а также подтвердили результаты исследования изображений.

Оптическая толщина Кольца Фивы приблизительно 3, что в три раза ниже чем у кольца Амальтеи, однако совокупная масса пыли в кольце примерно такая-же: 107−109 кг. Гранулометрический состав пыли в кольце несколько более мелкий, чем в кольце Амальтеи. Пыль в кольце также подвержена степенному закону с q < 2. В Фиванском расширении — параметр q может быть даже меньше.

Происхождение паутинных колец
Пыль в паутинных кольцах пополняется тем же механизмом, что и в Главном кольце и в Гало. Источниками выступают внутренние луны Юпитера — Амальтея и Фива соответственно, а также менее крупные тела. Высокоэнергетические столкновения между этими телами и телами извне Юпитерианской системы продуцируют пылевые массы. Частицы первоначально хранят те же орбитальные элементы, что и их тела-источники, но постепенно перемещаются по спирали из-за эффекта Пойтинга-Робертсона. Толщина Паутинных колец определяется вертикальными отклонениями лунных орбит из-за их ненулевых наклонов. Эта гипотеза объясняет почти все заметные свойства паутинных колец: прямоугольное поперечное сечение, уменьшение толщины в направлении к Юпитеру и яркость верхних и нижних границ колец.

Однако некоторые свойства необъяснимы по сию пору, например Фиванское расширение, которое может создаваться невидимым пока телом из-за орбиты Фивы, а также структуры заметные при обратно-рассеянном свете. Одним из возможных объяснений Фиванского расширения могут выступать воздействия электромагнитных сил Юпитерианской атмосферы. Когда пыль входит в тень позади Юпитера, она быстро теряет свой электрический заряд. Начиная с небольших частиц, пыль сообращается с планетой, она движется наружу выйдя из тени создавая таким образом Фиванское расширение. Теми же самыми силами можно объяснить уменьшение числа частиц и яркости между орбитами Амальтеи и Фивы.

Пик яркости сразу за орбитой Амальтеи, а также вертикальная асимметрия Паутинного кольца Амальтеи могут объяснятся захваченными частицами из точек Лагранжа (L4) и (L5) спутника. Частицы кольца могут двигаться по Подковообразным орбитам между точками Лагранжа. Вблизи от Фивы происходит точно такой же процесс. Это открытие подразумевает под собой, что в Паутинных кольцах есть два типа частиц: одни медленно по спирали дрейфуют в направлении Юпитера, а другие остаются вблизи от своих лун-источников, захваченные в 1:1 резонанс с ними.

Кольцо Гималии

Спутник S/2000 J 11, диаметром 4 км, исчез после его открытия в 2000 году. По одной из версий, он врезался в более крупный спутник Гималия диаметром 170 км, создав тем самым небольшое и тонкое кольцо. Это гипотетическое кольцо выглядит как бледная полоса вблизи Гималии. Данное предположение говорит также о том, что Юпитер иногда теряет малые спутники в результате столкновений.

Исследование

Существование колец Юпитера было доказано после наблюдений планетарного пояса КА Пионер 11 в 1975 году. В 1979 году КА Вояджер 1 сделал изображение переэкспонированной кольцевой системы. Более детальные изображения были сделаны в том же году КА Вояджер 2, что помогло определить приблизительную структуру колец. Изображения превосходного качества, полученные КА Галилео с 1995 по 2003 года, значительно расширили существующие знания о кольцах Юпитера. Наземные наблюдения колец Обсерваторией Кека в 1997 и 2002 годах и телескопом Хаббл в 1999 году показали богатую структуру видимого бокового светорассеяния. Изображения, переданные КА Новые горизонты в феврале-марте 2007 года, позволили впервые изучить структуру главного кольца. В 2000 году КА Кассини на пути к Сатурну провёл разнообразные наблюдения кольцевой системы Юпитера. В будущем планируются новые миссии по изучению юпитерианских колец.

Кольца Юпитера в литературе
Кольцо Юпитера описывается в опубликованной в 1960 году повести братьев Стругацких «Путь на Амальтею». Столкновение фотонного грузовика «Тахмасиб» с твердыми фрагментами кольца послужило причиной аварии и последующего падения космического корабля в атмосферу планеты-гиганта.

Примечания
Комментарии
<li> Прямо (вперёд) рассеянный свет — свет, рассеянный под малым углом относительно света Солнца (угол фазы близок к 180°).
<li> Обратно-рассеянный свет — свет, рассеянный под углом близким к 180° относительно Солнечного света (угол фазы близок к 0°).
<li> Нормальная оптическая толщина — соотношение между полным поперечным сечением частиц кольца и квадратной площадью кольца.
<li> Это должно соответствовать предположительному, общему 1700 км² поперечному сечению Метиды и Адрастеи.
<li> Резонанас Лоренца — резонанас между орбитальным движением частиц колец и вращением планетарной магнитосферы, когда соотношение их периодов — рациональное число.
 Толщина паутинных колец определяется как расстояние между их ярчайшими верхними и нижними границами.

Источники

Ссылки

 Факты о юпитерианских кольцах
 Кольца Юпитера. Исследование NASA

 Планетарная номенклуатура. Кольца Юпитера

Юпитер
Юпитер
Ю

redpajama_set_name: RedPajamaWikipedia


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